Manappuram General Finance and Leasing Ltd (MAGFIL) has reported a quantum jump in its gold loan business to cross the Rs 6,000-crore mark.
The company’s total gold loan outstanding as on December 5, stood at Rs 6,003 crore, a press release issued here today stated.
It has increased by Rs 3,447 crore as compared to the level of Rs 2,556 crore that prevailed on March 31, 2010, adding Rs 3,447 crore from April 2010, the release said.
The company has also increased its nationwide branch network to 1,641, with the addition of 636 new branches during the current financial year.
Recently, CRISIL has enhanced the P1+ credit rating limit of the company to cover its short-term borrowings up to Rs 2,000 crore.
Earlier, in July of this year, CRISIL had assigned its highest rating of P1+ for the company’s short-term borrowings programme up to Rs 1,000 crore.
